Gold Prices Will Go Higher Than What Most People Can Imagine

Gold Prices Will Go Higher Than What Most People Can Imagine

As fears of England leaving the European Union came to a head on voting day, a stunning scene emerged on the streets of London. Though it was completely ignored by the mainstream media, the fact that Brits were lining up in droves in front of gold and silver shops spoke volumes about financial assets of last resort during a real or perceived crisis.

It is within this context that legendary resource investor Doug Casey warns that the hurricane which took the world by storm in 2008 is still a significant threat. While we’ve spent the last several years in relative peace and calm inside the eye of the storm, we’ll be entering the other side of the hurricane wall later this year, says Casey. And as we’ve seen in London, Greece, and Argentina in the past decade, when financial hurricanes wreak havoc across the economic landscape, the only safe haven to be had is in precious metals:

We’re at the start of a really major bull market… This is going to be driven by a lot of things… It’s going to take gold a lot higher than most people can imagine at this point.

…

… I think $5,000 gold will happen at some point because we’re looking at a worldwide monetary crisis of historic proportions.

Casey shares his concerns, warnings and strategies in a must-hear interview with Future Money Trends:

You have to remember that since the crisis started in 2007, not just the U.S. government which has printed up trillions of U.S. dollars, but the Europeans, the Japanese, the Chinese… they’ve all created trillions and trillions of currency units.

Look at it as a Hurricane… We went into the leading edge of the hurricane in ’07, ’08 and ’09. They papered it over with all this funny money

Now we’re going out to the trailing edge… and it’s going to last much longer, be much worse and be much different.

I believe we’re going back into the trailing edge of the hurricane this year.

What’s most notable about the awakening of the gold bull market, according to Casey, is that very few people have actually realized what’s happening and why. It is for this reason that Casey has been investing heavily into mining companies like Brazil Resources, a move that’s been mimicked by other well-known investors including famed financier George Soros and business magnate Carl Icahn who are also piling into precious metals related assets.

And though this asset class has been largely ignored by the broader investing public, Casey suggests that the eventual result will be widespread mania and panic buying into gold assets as the global economic and monetary climate gets markedly worse going forward.

Right now, very very few people are involved in gold stocks.

They don’t even know gold exists.

By the time this market ends there’s going to be a mania in gold, where everybody is going to be talking about it at cocktail parties and touting mining stocks to each other.

We’re a long way from that… these stocks have a long way to run.

George Soros previously warned of the same, having noted in 2010 that gold will become the ultimate bubble before all is said and done. Incidentally, this is right around the time he began making his first major acquisitions.

Since then scores of other well known investors, institutions, and private family funds have made similar moves, many of them in secret, ahead of what could be an unprecedented bull market in precious metals.

That gold is still considered a relic by many of the best and brightest economists out there is indicative of an asset that is nowhere near its potential highs.

Once you hear those same processionals, financial advisers, your neighbors, your friends and the local shoeshine boy talking about gold investments at cocktail parties, you’ll know it’s time to sell. For now, they still have no idea what’s coming, making this an optimal time to consider the one asset that has survived the test of time throughout history and the many varieties of crises that have been wrought upon humankind.